1. In a world where people have special powers...
2. Homra, a gang whose members can manipulate fire and are led by Suou Mikoto are looking for someone, and are pissed off at him enough to destroy buildings and beat people up to find him.
3. Following a lead Homra attack a guy but it appears he knows nothing. Meanwhile, Septer 4 (led by Munakata Reishi), enemies of Homra appear and the two groups fight off-screen. The fight involves two huge-ass swords summoned by the groups' collective powers. Septer 4 presumably wins and captures Mikoto.
4. Our main character, Isana Yashiro (nickname Shiro) is seemingly an ordinary high school student. He goes on an errand for the student council, but a Homra gang member notices Shiro and identifies him as the guy they're looking for. Homra members start chasing him.
5. In the end Homra corners Shiro but in the last minute he is saved by Yatogami Kurou (nicknamed Black Dog) who whisks him away into safety...
6. Except it turns out Kurou also wants to kill him as per his late master's last wish.
7. Homra release the video on the basis of which they're chasing Shiro: a psycho version of him killing someone named Kaji Yuuki Totsuka Tatara, who, as the OP tells us, was a member of Homra and is likely going to be a key person in the plot.
8. Shiro kind of admits being the same person as shown on the video.
9. DUN DUN DUUUUNN! Is Shiro really that psycho from the video? Who was Tatara and why did he have to die? Why isn't Shiro psycho anymore? (or... is he?!) Why does Septer 4 care? Is there a point in keeping a flame user whose power can melt metal chained up in a wooden building? Tune in next Friday to find out in the next episode of "K"!
10. In the next episode, Shiro's white cat turns into a naked girl (no, really).

Note, I don't have access to secret production materials, I concluded all this from watching the episode.

You miss out that Kurou's master is also the former 7th King btw

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Is it just me or does anyone else feel like the coloring style is kind of similar to Mardock scramble’s?

Same here...I'm beginning to think it's the same team that made Mardock....